Law: Income Tax Act, 1961

Section: 32

Income-tax--Depreciation---Rate of depreciation---Law applicable---Law applicable as on date of commencement of assessment year and not law subsequent to that date---Income-tax (Fourth Amendment) Rules, 1983 not applicable for assessment year 1983-84---Indian Income Tax Act, 1961, S.32 --- Indian Income Tax (Fourth Amendment) Rules, 1983. It is well-settled that the law applicable for assessment is the law applicable as on the commencement of the assessment year and riot the change in the law subsequent to that date: Held, that the amending rule came into force only after the commencement of the assessment year. The Income Tax (Fourth Amendment) Rules, 1983, which came into force on April 2, 1983, was not applicable to the assessment year 1983-84. Hence, the assessee was not entitled to depreciation allowance in respect of its assets at the rates prescribed in the Income-tax (Fourth Amendment) Rules, 1983, for the assessment year 1983-84. JUDGMENT R. JAYASIMHA BABU, J.----The questions referred to us in these references are capable of being disposed of by a common order and by this common order, the reference are being disposed of. The question referred to us is as to whether the amendment effected to the…

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